Heat Recovery Steam Generator Market Share, Global Industry Size, Growth, SWOT Analysis, Top Companies, Competitor Landscape, Regional Outlook 2021

 As per ESOMAR-certified consulting firm Future Market Insights (FMI), the global heat recovery steam generator market is anticipated to reach US 1.1 Bn in 2021. With the U.S., the U.K., Germany, and Japan emerging as key producers, the market is poised to grow at a 5.7% CAGR through 2031.

  • Fully assembled heat recovery steam generators will remain the most preferred type of design.
  • In terms of configuration, horizontal drums will account for maximum sales.
  • Based on output power, 0–60 MW segment is poised to experience high demand.
  • Combined heat and power plants will dominate the application segment.
  • The U.S. is anticipated to witness high demand for heat recovery steam generators, owing to increasing energy production and need for sustainable methods. The North American market is poised to grow at a 4.4% CAGR.
  • The U.K. will continue leading the European heat recovery steam generator market, expanding at a 4.6% CAGR.
  • Demand for heat recovery steam generators will continue rising in China, due to rising adoption of combined cycle plants.
  • India will emerge as a lucrative market, owing to government-backed initiatives promoting renewable energy production.
  • Japan and South Korea will collectively account for 5% of the total market share.
  • In August 2021, Siemens Energy and state-owned Egyptian Electricity Holding Co. have signed a memorandum of understanding to develop a hydrogen-based, including a 100–200 MW pilot electrolyzer facility for the clean energy industry.
  • In August 2021, Mitsubishi Power’s Philippines unit secured a three-year term service agreement to maintain boilers of the Davao coal plant of Aboitiz Power Corp. The agreement is intended to maintain reliable energy access in Mindanao.

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